Quick Summary
Money Treasure Research is a SEBI registered Research Analyst run by Ramesh Kumar Pandey, INH000012731, based in Indore since August 2023. Three of its ten pricing plans breach the ₹1,51,000 annual SEBI fee ceiling when annualised, and the Customized Services plan alone runs to ₹4,84,000 a year, more than three times the limit. Its published complaint disclosure has not been updated since January 2026, and the annual complaint table for the current financial year shows fewer complaints than the firm’s own monthly figures already record for that same year.
Money Treasure Research operates under SEBI Research Analyst registration INH000012731, held by Ramesh Kumar Pandey since 25 August 2023.
The registration itself is genuine.
What deserves closer attention is the pricing page, where three plans breach the annual fee ceiling when renewed over a year, one of them by more than three times, and the complaint disclosure, where the firm’s own annual total for the current year is smaller than what its own monthly table already shows for that same period.
This page works through the registration, the full pricing breakdown against the SEBI cap, the complaint data and its reconciliation problem, and the marketing language worth a second look.
Money Treasure Research Review
Money Treasure Research, marketed under the shorthand MTRESEARCH, describes itself as a SEBI-registered Research Analyst providing equity and derivatives research, including sectoral and stock-specific analysis.
Its stated research spans fundamental and technical analysis, with services listed as Research Reports, Short-Term and Long-Term Services, and Intraday Services, covering both long-term investment strategies and shorter-term trading opportunities.
The firm describes its approach as independent, objective, and unbiased, aimed at helping investors make informed decisions.
It operates from Office No. 8, 2nd Floor, Mangal City Mall, Vijay Nagar, Indore, with stated working hours Monday to Friday, 9:00 AM to 6:30 PM.
None of this establishes wrongdoing, and nothing further on this page does either. Where a registered analyst’s conduct does cross a line, the formal escalation route is covered in full further down this page.
Is Money Treasure Research SEBI Registered?
Yes, and the registration is confirmed on the firm’s own disclosure under the name below.
| Detail | Information |
| Name | Ramesh Kumar Pandey, Proprietor, Money Treasure Research |
| SEBI Registration Number | INH000012731 |
| Type of Registration | Individual |
| Validity | 25 August 2023, Perpetual |
| Registered Address | Office No. 8, 2nd Floor, Mangal City, PU4, Scheme No. 54, Vijay Nagar, Indore, Madhya Pradesh 452010 |
| Correspondence Address | Same as registered address |
| Contact Person | Ramesh Pandey |
What the INH Prefix Permits
The INH prefix marks a Research Analyst. It permits publishing research and issuing recommendations to a subscriber base.
It does not permit personalised advice built around an individual client’s income, goals or holdings, trade execution, or portfolio management.
Money Treasure Research Pricing and the ₹1,51,000 SEBI Fee Cap
This is the sharpest finding on this page, and the numbers are worth showing in full rather than summarised.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family, excluding statutory charges, for individual and HUF clients who are not accredited investors.
Nothing on Money Treasure Research’s pricing page identifies any plan as intended for accredited investors specifically, so the retail ceiling applies.
The Published Price List, Annualised
| Plan | Billing Cycle | Price | Annualised | Against the Cap |
|---|---|---|---|---|
| Basic | Monthly | ₹10,000 | ₹1,20,000 | Under by ₹31,000 |
| Basic | Quarterly | ₹27,000 | ₹1,08,000 | Under by ₹43,000 |
| Basic | Half Yearly | ₹51,000 | ₹1,02,000 | Under by ₹49,000 |
| Premium | Monthly | ₹35,000 | ₹4,20,000 | Over by ₹2,69,000 |
| Premium | Quarterly | ₹95,000 | ₹3,80,000 | Over by ₹2,29,000 |
| Short/Long Term Services | Quarterly | ₹15,000 | ₹60,000 | Under by ₹91,000 |
| Short/Long Term Services | Half Yearly | ₹27,000 | ₹54,000 | Under by ₹97,000 |
| BTST/STBT | Monthly | ₹25,000 | ₹3,00,000 | Over by ₹1,49,000 |
| BTST/STBT | Quarterly | ₹55,000 | ₹2,20,000 | Over by ₹69,000 |
| Customized Services | Quarterly | ₹1,21,000 | ₹4,84,000 | Over by ₹3,33,000 |
Where the Pricing Actually Stands
This is a graduated picture, and it deserves to be shown that way rather than flattened into a single verdict.
1. Basic and Short/Long Term Services Stay Under the Ceiling on Every Cycle
Both plan families remain comfortably inside ₹1,51,000 whether billed monthly, quarterly, or half-yearly.
On these two plans alone, the firm is compliant.
2. Premium, BTST/STBT and Customized Services All Breach the Ceiling
Every published cycle of these three plans, whether monthly or quarterly, exceeds the annual limit once renewed across a full year.
The Customized Services plan is the sharpest single figure on this page: a single quarter costs ₹1,21,000, and four quarters come to ₹4,84,000, more than three times what SEBI permits for an individual client in a year.
3. Holding More Than One Plan Compounds the Problem Rather Than Avoiding It
The SEBI ceiling applies per client family across all research services from that analyst combined, not per plan.
Splitting a subscription across Basic, Short/Long Term and BTST/STBT does not reset the limit for each one separately.
A client holding even one compliant plan alongside one non-compliant plan is likely already over the ceiling for the year.
None of this proves any specific client has actually been charged above the limit. The published price list is what it is, and the arithmetic above is what that price list produces when annualised.
If you are on the Premium, BTST/STBT, or Customized Services plan, or combining any plan with another from this firm, add up your actual annual total and compare it against ₹1,51,000.
Advance Payment on the Larger Plans
Several plans require substantial payment upfront, including ₹95,000 for Premium Quarterly and ₹1,21,000 for Customized Services.
Under SEBI’s current rules, a Research Analyst may collect advance fees covering up to one year, so an upfront payment of this size is not itself a violation.
Two protections apply regardless of the amount paid upfront. On early termination, a client is entitled to a proportionate refund for the unexpired period, and a Research Analyst may not retain a breakage fee.
What Does Money Treasure Research’s Complaint Data Show?
This section carries two separate problems: the disclosure has not been updated in eight months, and the annual figure it does show does not match the firm’s own monthly data for the same year.
Current Complaint Summary
| Source | Pending at End of Last Month | Received | Resolved | Total Pending | Pending Over 3 Months | Avg. Resolution Time |
|---|---|---|---|---|---|---|
| Directly from Investors | 0 | 0 | 0 | 0 | 0 | N/A |
| SEBI (SCORES) | 0 | 2 | 2 | 0 | 0 | 15 days |
| Other Sources | 0 | N/A | N/A | 0 | 0 | N/A |
| Grand Total | 0 | 2 | 2 | 0 | 0 | N/A |
Monthly Trend, Months With Activity
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| July 2025 | 0 | 1 | 1 | 0 |
| August 2025 | 0 | 2 | 1 | 1 |
| September 2025 | 1 | 0 | 1 | 0 |
| January 2026 | 0 | 2 | 2 | 0 |
Annual Trend
| Year | Received | Resolved | Pending |
|---|---|---|---|
| 2023-24 | 0 | 0 | 0 |
| 2024-25 | 0 | 0 | 0 |
| 2025-26 | 3 | 2 | 1 |
| Grand Total | 3 | 2 | 1 |
The Disclosure Has Not Been Updated in Eight Months
The site states complaint data updates on the 7th day of every month. The monthly trend table’s last entry is January 2026.
As of September 2026, that leaves February through August, eight months, with no published monthly figures at all.
The current complaint summary table matches the January 2026 monthly entry exactly, 2 received and 2 resolved, confirming that the “current” snapshot has simply been frozen at January 2026 rather than genuinely reflecting the present.
The Annual Total Is Smaller Than the Firm’s Own Monthly Data for the Same Year
This is the more serious of the two problems, because it is not a gap; it is a contradiction between two of the firm’s own tables.
Financial year 2025-26 runs from April 2025 to March 2026.
Within the months the monthly table actually publishes for that year, July 2025 through January 2026, the figures already add up to 5 complaints received and 5 resolved.
The annual table for that same financial year states only 3 received and 2 resolved, with 1 pending.
The annual total is lower than what the monthly table alone already shows for ten of that year’s twelve months. That is the wrong direction for this kind of discrepancy to run in.
A table missing later months understates a year is expected; a year-end summary showing fewer complaints than the monthly detail already on the same page cannot be explained by missing data alone.
We are not asserting which figure is correct.
What can be said is that the two tables published by the same firm, describing the same financial year, do not agree, and the gap is large enough that a prospective client cannot reliably state how many complaints this firm has actually received in its current reporting year.
The Upward Trend, and What Remains Unknown
Complaint activity did rise across the period actually shown: one in July 2025, two in August, two more in January 2026.
Whether that pattern continued, reversed, or stayed flat across the eight missing months cannot be determined from what the firm has published.
What Marketing Language on the Website Needs a Closer Look?
A handful of phrases across the site lean toward outcome language rather than a plain description of the research service.
1. Financial Prosperity and Tailored Futures
Phrases including “Start Your Journey to Financial Prosperity Today” and “Tailored Solutions for Your Financial Future” create a positive financial outcome impression without explicitly promising a return, which keeps them short of a direct guarantee while still leaning in that direction.
2. Wealth Creation and Financial Independence
The site states its services work toward “wealth creation and financial independence” and refers to “financial growth and security.”
These are aspirational statements rather than factual descriptions of what a subscription delivers, and they are the kind of phrasing a compliance review would ordinarily flag.
3. A Track Record Claim With Nothing Behind It
The phrase “OUR TRACK RECORD SPEAKS VOLUMES” appears on the site.
No quantified performance figures, win rate, or supporting data accompany the statement anywhere in the material reviewed here.
A track record claim made without the record itself attached is a transparency gap worth asking about directly before subscribing.
None of this amounts to an explicit guarantee of returns in the way SEBI orders have treated direct profit promises.
It is softer than that, and it is worth reading with the same caution regardless.
How to File a Complaint Against Money Treasure Research?
The fee cap arithmetic and the complaint data contradiction both give a complaint here firmer ground than an argument about research quality would.
Start by working out your actual annual total if you are on the Premium, BTST/STBT or Customized Services plan, or combining any plan with another.
Ask the firm directly for a reconciliation of the annual and monthly complaint figures for FY2025-26, and request the underlying track record data behind the “speaks volumes” claim if that language influenced your decision to subscribe.
Send your grievance to the RA’s email, describing what you were told, what you paid, and what you want resolved.
Keep the sent record regardless of what comes back.
If the response is not satisfactory, escalation runs through a specific set of channels, and each one exists for a different stage of the dispute rather than as alternatives to pick from.
1. SEBI SCORES for the Formal Regulatory Complaint
Once a direct grievance goes unresolved, the complaint moves onto the regulator’s own platform.
The SEBI SCORES complaint portal is where that filing happens, and a documented fee cap breach gives the platform something concrete to act on.
2. SMART ODR for Conciliation if SCORES Does Not Resolve It
Where SCORES closes without a satisfactory outcome, the next stage is structured conciliation rather than a repeat complaint.
The SMART ODR portal covers how a conciliator gets assigned and what documents to bring into that session.
3. Arbitration if Conciliation Does Not Settle It
When conciliation still does not produce a settlement, arbitration is the stage that ends in a binding outcome.
Arbitration in stock exchange proceedings results in an award enforced through the exchange rather than negotiated with the analyst directly.
That covers each channel on its own, but none of them explain how to actually build and sequence a case from the first email onward.
If you want to know the full process in detail, check our guide complaint against SEBI registered research analyst.
Paying more than the annual cap allows?
We total your invoices against the ₹1,51,000 ceiling, calculate the exact excess, and put the figure on record in a form the analyst has to respond to. Register with us for a free read on your situation.
Disclaimer
This page is based on Money Treasure Research’s own published material and the SEBI intermediary register, current as of September 2026, and alleges no wrongdoing since no SEBI order stands against the firm.
Registration details, pricing, and website content can change, so verify everything at the source before acting. Treat this page as research, not legal or investment advice.
Conclusion
Money Treasure Research is a genuinely registered SEBI Research Analyst, INH000012731, held by Ramesh Kumar Pandey since August 2023.
Three of its ten pricing plans breach the annual fee ceiling when renewed over a year, with Customized Services running to ₹4.84 lakh, more than three times the limit.
Its complaint disclosure has not been updated since January 2026, and its annual total for the current financial year is smaller than what its own monthly data already shows for that same year, a discrepancy the site does not explain.
Before subscribing to anything above the Basic or Short/Long Term tiers, add up your actual annual cost and compare it to ₹1,51,000. If you already hold a plan and the total looks high, gather your invoices now.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. It is registered to Ramesh Kumar Pandey, operating as Money Treasure Research, from 25 August 2023 and is perpetual. Confirm it directly on the SEBI register rather than relying on the website alone.
Premium, BTST/STBT and Customized Services all breach ₹1,51,000 annually when renewed across a year, on every published billing cycle for each. Basic and Short/Long Term Services stay under the ceiling regardless of cycle.
The ceiling applies per client family across all research services from the same analyst combined, not per plan. Add every plan you hold together before assuming you are within the limit.
The site does not explain the gap. The monthly data published for FY2025-26 already totals more complaints than the annual table states for that year, which is worth raising directly with the firm rather than assumed to be a simple reporting lag.
No. The monthly trend stops at January 2026, leaving eight months unpublished as of September 2026, despite the site stating data updates on the 7th of every month.
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